Author: Zac Martin, Investment Associate
Week Ending June 20th – Genius
FOMC Meeting for June left the effective Federal Funds Rate unchanged, which was in line with analyst expectations. The committee also released their Summary of Economic Projections which the committee revised lower GDP growth, higher inflation and higher unemployment. This is the third consecutive quarter that these revisions have occurred.
Retail sales reported a 0.9% decline for May, which was more than analyst expectations.
NAHB Housing Market Index declined by 4 points to 32, which was unexpected as the consensus estimate was an increase of 2 points to 36. This decline leads the index to a new multiyear low as both traffic from buyers and builders' sales expectations contract.
The Empire State Manufacturing Survey decreased for the June report. This was the fourth consecutive month that current manufacturing activity declined, this was primarily due to a decline in new orders and shipments. However, expected manufacturing activity increased by 23.2 points, led by a spike in future new orders and the employment outlook.
The Week Ahead:
- Existing Home Sales (6/23)
- Consumer Confidence Index (6/24)
- Building Permits & New Home Sales (6/25)
- GDP Q1 final reading (6/26)
- Personal Consumption Expenditures (6/27)
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